November 15, 2013
1:30 PM - 3:00 PM

Acctg Seminar: Xiumin Martin (Washington U. in St. Louis),

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This paper investigates whether the initiation of trading in credit default swaps (CDSs) on a borrowing firms outstanding debt is associated with a decline in that firms reporting conservatism. Contracting theory predicts that lenders asymmetric payoffs generate a demand for conservatism, in particular the asymmetric timeliness of loss recognition. CDS investments can modify lenders payoffs...

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